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HomeMy WebLinkAbout1986-332 1 2 3 4 5 6 RESOLUTION NO. 86-332 RESOLUTION OF THE CITY OF SAN BERNARDINO AMENDING RESOLUTION NO. 86-62 TO EXTEND TERM OF INDUCEMENT RESOLUTION FOR MULTI- FAMILY MORTGAGE REVENUE BONDS FOR VLACH APARTMENTS PROJECT THROUGH NOVEMBER 3, 1986. BE IT RESOLVED BY THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO AS FOLLOWS: SECTION 1. Section 12 of Resolution No. 86-62 is amended to 7 read as follows: 8 9 10 11 12 13 "Section 12. It is intended that this Resolution shall constitute such 'official action' toward the issuance of the bonds within the meaning of the United States Treasury Regulations, the United States Tax Laws, and any legislation now or hereafter pending in the Congress of the United States which may require official action in order for the bonds to be exempt 14 from federal income taxation. The Project of the Applicant shall 15 be the beneficiary of such 'official action' for a period up to 16 and including the day eight (8) months from the date of original 17 adoption of this resolution, being through November 3, 1986. If, 18 within such period, the City has not issued any multifamily 19 mortgage revenue bonds for the Project or held a public hearing 20 for the Project as said public hearing is required pursuant to 21 the certain amendments to Section 103 of the Internal Revenue 22 Code of 1954, as amended (the 'Code') as enacted by Congress 23 under the Tax Equity Fiscal Responsibility Act of 1982 ('TEFRA'), 24 the 'official action' for the Project of the Applicant as 25 evidenced by this Resolution shall lapse." 26 SECTION 2. The City of San Bernardino reaffirms its 27 intention to issue multifamily mortgage revenue bonds of the City 28 for the acquisition of land and the construction, equipping and 22 23 24 25 j-l.~6 27 28 1 permanent financing thereon of the Project, as set forth in the 2 original resolution. This resolution is adopted to assure that, 3 4 5 6 7 8 9 so long as the Applicant proceeds diligently on or before November 3, 1986, and arranges to have the City hold its public hearing on issuance of the proposed bonds by or before that date, the official action of the City taken in Resolution No. 86-62 shall remain in full force and effect. I HEREBY CERTIFY that the foregoing resolution was duly adopted by the Mayor and Common Council of the City of San 10 Bernardino at a meeting thereof, held on the , 1986, by the following vote, to regular II 18th day of Auaust 12 wit: 13 14 15 16 17 18 19 20 21 of AYES: Council Members F.~tr~n~ HjC>rn.::lnnt=>7 . Rp. i 11 JT Ouiel. FrnZip.r Srrir.klpr NAYS: None ABSENT: Council Member M~rk~ .AG?#I?t.?~M ./ City Clerk The foregoing resolution is hereby approved this 0<~/~ day l Auaust , 1986. ayor/of t of San B nardino Pro Tempore Approved as to form: -, " .,. /7 th/" / /"',./ ~',.:" . .6<<~~( --~P:-'i[77/-/ . City Attorney / 2